After Steady Decline, Mortgage Rates Rise

After Steady Decline, Mortgage Rates Rise
Freddie Mac     article by Daily Real Estate News | June 16, 2017

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Mortgage rates increased this week for the first time in more than a month, but they still remain near their yearly lows.

“The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent,” says Sean Becketti, Freddie Mac’s chief economist. “However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak [Consumer Price Index] release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.”

Freddie Mac reports the following national averages of mortgage rates for the week ending June 15:

  • 30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.5 point, rising from last week’s 3.89 percent average. Last year at this time, 30-year rates averaged 3.54 percent.
  • 15-year fixed-rate mortgages: averaged 3.18 percent, with an average 0.5 point, increasing from last week’s 3.16 percent average. A year ago, 15-year rates averaged 2.81 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.5 point, rising from last week’s 3.11 percent average. A year ago, 5-year ARMs averaged 2.74 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 061617

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Author: Kenneth Bargers

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